Student housing specialist International Campus has made its first foray in Central and Eastern Europe with the acquisition of a development project in Prague.
The company has joined forces on an equal basis with local developer Karlín Group to buy a 16,500 m2 building in the Holešovice district of Prague.
The asset, to be known as the Fizz Prague, will house 529 student apartments upon opening in the first quarter of 2020.
Financial details of the deal were not disclosed.
On delivery of the property by Karlín Group, International Campus will take full ownership of the asset and place it in a dedicated special fund for institutional investors.
Horst Lieder, CEO of International Campus, said: 'Our first acquisition in Prague sees us continuing our European expansion at a rapid pace. This is our first step in the Czech Republic, and we are taking it together with an expert local partner.'
The two partners plant to build up a 2,500 apartment portfolio in the Czech capital in the medium term, he added. 'We are also in the process of acquiring additional properties in Central and Central Eastern European hot spots.'
